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Neil Azous, Founder and Managing Member of Rareview Macro, discussed his latest global macro trading views on Behind the Markets, a SiriusXM® radio show hosted by Professor Jeremy Siegel, a world-renowned expert on the economy and the author of the award-winning investment classic Stocks for the Long Run, and Jeremy Schwartz, the Director of Research at WisdomTree, an ETF sponsor. Business Radio (channel 111) is powered by The Wharton School at the University of Pennsylvania.

If you’re on the hunt for the next big, near-term investment opportunity, you may want to consider Europe, Japan and (believe it or not) crude oil.

Those were the picks from three investment experts who were asked to weigh in, at the recent ETF.comGlobal MacroConference in New York City, on the pockets of the market where they see the most attractive opportunities right now. While many in the audience agreed that Japan and Europe were compelling picks, not many expected crude oil would make the cut.

While crude oil isn’t “a big fan favorite,” according to Neil Azous, founder and managing member of advisory firm Rareview Macro, it’s an area that he believes represents a strong, near-term opportunity.

Azous, who also publishes the daily newsletter Sight Beyond Sight, says crude oil is mispriced right now. By the end of 2015, he believes it could return 20% to 30%, moving from $60 in the U.S. to $70 to $75, without bringing rigs back online. He adds depending on the structure that you use to get exposure to oil (such as ETFs or derivatives) there is an argument to be made that that investors can extract risk premium in a non-correlated fashion.

For those who have been in this business for quite some time, you will be familiar with Futures Magazine, a cornerstone property of The Alpha Pages like FINalternatives. Their new flagship publication, Modern Trader, was recently introduced and hit newsstands last week. The full publication can be viewed HERE (Password: prophets). Our article “Riding The Dollar Bull” begins on page 28. We were pleased to be a centerpiece of this inauguration and want to wish the CEO Jeff Joseph and the Editor-in-Chief Daniel Collins the best of luck in this new endeavor.

“As the Europe Central Bank plows ahead with its own monetary easing program, we’re starting to see the results, with Europe outperforming the U.S. and much of the world in terms of economic recovery and stock returns. So it’s not surprising that investors have begun to pile into the region.

We talk to two global macro experts—David Garff, managing director of California-based Accuvest Global Advisors; and Neil Azous, founder and managing member of Rareview Macro—for their takes on the region and what investors should be looking at and concerned about.”

“We would encourage those professionals who love to hate AAPL to book themselves a series of therapy appointments,” said Neil Azous, a market advisor with Rareview Macro. “This story for Apple just has a lot of legs to go higher. And it’s very difficult when you look at the combination of their guidance, their capital redeployment plans, and their margins, to be pretty negative on the stock, when you think about it in the medium-term.”

While this year’s 1.2 percent gain in the Dow Jones Industrial Average may encourage bulls, the gap between the benchmark gauge and the performance of the railroad, trucking and airline companies that comprise the transportation average is widening. It’s a sign of a sluggish U.S. economy, according to Neil Azous, the founder of research and advisory firm Rareview Macro LLC.

“It’s confirming the weak economic backdrop of the first quarter that’s spilling over into the second,” said Stamford, Connecticut based Azous. “When you add that transportation signal into the rest of the data, the Dow Theory is not portending a bounceback in the data.”

“The weakness in the transportation index is a very good leading indicator that suggests further underperformance in the Dow both on a relative basis to U.S. small caps and to international equities,” said Azous.

Neil Azous, Founder and Managing Member of Rareview Macro, published his thoughts on what he believes is the main driving force in Europe right now, the supply/demand conundrum in European bond markets, and how that all spills over into US interest rates markets. This is not a trading piece or recap of the events but an analysis to show how a mix of history and the implementation of monetary policy will work towards accelerating growth in Europe.

“While we do not know what the immediate aftermath would involve, it is prudent to remember that the European Central Bank (ECB) could reduce the deposit rate even further than the current -0.20% at any time. You can debate the reasoning, timing or the probability all you want but the fact remains this ‘tail’ exists and somewhere that ‘risk’ premium needs to be discounted,” said Rareview Macro founder Neil Azous in a note out Wednesday.

The Fed is “much closer to hiking then putting it off,” said Neil Azous of Rareview Macro, a firm that advises large investors. After all, “it is hard to argue from an economist’s perspective that they shouldn’t at least start the process. Their models are telling them to, regardless of the problems abroad in Europe and Asia.”

Indeed, if Yellen does give a hint in the weeks ahead that a June rate hike is possible, “the fixed income market would re-price swiftly and painfully against the consensus long position,” Azous said.

Sight Beyond Sight® is published by and is the property of Rareview Macro LLC (“RVM”) and distributed for informational and educational purposes only. The content of this newsletter is intended for institutions and professional advisers only. This distribution is not intended for use by private clients or retail investors. RVM is not a registered investment advisor or a broker/dealer.

All information is provided as-is and does not represent personalized investment advice. This site does not constitute a representation by the publisher or a solicitation for the purchase or sale of securities. All opinions provided are based on sources believed to be reliable and are written in good faith, but no warranty or representation, expressed or implied, is made as to their accuracy. There are risks associated with any investment and we strongly encourage readers to supplement the information in these articles, special reports, tweets and newsletters with independent research and other professional advice before investing in any security.

Rareview Macro LLC, Sight Beyond Sight®, www.rareviewmacro.com, www.sightbeyondsight.com, www.rvmacro.com, @neilazous, and @sbstimestamp are not an offering for any investment. They represent only the opinions of Neil Azous. Any views expressed are provided for information purposes only and should not be construed in any way as an offer, an endorsement, or inducement to invest and is not in any way a testimony of, or associated with, Azous’ other firms and affiliations.